DappRadar’s token price plummets after platform announces shutdown

DappRadar, the analytics platform that provides data on the decentralized application (DApp) industry, said it is ceasing operations seven years after it launched.

In a Monday X post, DappRadar founders Skirmantas Januškas and Dragos Dunica said they would be winding down the platform. The pair said that “running a platform of this scale became financially unsustainable in the current environment,” and said it plans to stop tracking blockchains and DApps “in the coming days” as it begins to shut down.

Source: DappRadar

The notice said the platform would communicate separately regarding how it would handle its native RADAR token and its decentralized autonomous organization (DAO). The token price fell about 30% immediately following the shutdown announcement, reaching about $0.00072 at the time of publication, according to data from Nansen.

Cointelegraph reached out to DappRadar for comment, but had not received a response at the time of publication.

This is a developing story, and further information will be added as it becomes available.